Eyeing Key Support on Ford
Mid-Day Minute for Fri May 21st 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Let's notice that on the way down this morning, Ford (NYSE: F) violated is major trendline from March 2009 at 11.10, then sliced below its Jan-May support line at 10.60 and finally tested its rising 200 DMA at 10.12. The moving average held the onslaught and reversed F to the upside, initiating a powerful rally that so far has climbed back above all of the key technical supports violated during the first hour of trading.
This is impressive action, but the key will be today's close, which will be extremely constructive above 11.30, and nearly as constructive above 11.10 (Mar '09 support line). Let's see how it all unfolds as the day progresses.
